21世纪经济报道记者凌晨西安报道 在过去一年席卷全球的GLP-1类减肥药浪潮中，公众的目光大多聚焦于诺和诺德、礼来等制药巨头，以 及其带来的巨大市场空间与商业回报。 然而，在这类多肽药物从分子式变为产品的复杂链条中，一个关键但隐蔽的环节在于其高纯度的合成与 纯化过程。这高度依赖于一类被称为"固相合成载体"的上游关键材料和"层析填料"下游分离纯化材料。 在这一高度专业的上游材料领域，蓝晓科技是国内主要的突破者之一。其吸附分离材料与系统，不仅应 用于半导体超纯水制备，也广泛覆盖了生命科学、盐湖提锂、节能环保、食品加工等基础工业。 得注意的是，这家以解决工业分离纯化难题见长的公司，正展现出强劲的多元化增长。根据其最新财 报，生命科学板块已跃升为公司主力增长引擎，其产品线正从传统的原料药纯化再到多肽药物合成，延 伸至核酸药物化学合成所需的关键材料等领域。 当生物医药的创新前沿不断向核酸药物等更上游的源头拓展时，对合成与纯化环节的精度、效率和成本 提出了前所未有的要求。 首先，我们坚持创新，建立并不断更新创新项目库，研究课题储量丰富，从基础研究到应用开发，从创 新培育到成熟优化，项目覆盖多个下游应用领域，学科丰富，专业 ...

在过去一年席卷全球的GLP-1类减肥药浪潮中，公众的目光大多聚焦于诺和诺德、礼来等制药巨头，以 及其带来的巨大市场空间与商业回报。 然而，在这类多肽药物从分子式变为产品的复杂链条中，一个关键但隐蔽的环节在于其高纯度的合成与 纯化过程。这高度依赖于一类被称为"固相合成载体"的上游关键材料和"层析填料"下游分离纯化材料。 在这一高度专业的上游材料领域，蓝晓科技（300487）是国内主要的突破者之一。其吸附分离材料与系 统，不仅应用于半导体超纯水制备，也广泛覆盖了生命科学、盐湖提锂、节能环保、食品加工等基础工 业。 围绕吸附分离技术主业，强化底层基础，做强主业，同时从全行业技术进步角度推动吸附分离技术向更 广更深的新技术领域拓展与进步。 得注意的是，这家以解决工业分离纯化难题见长的公司，正展现出强劲的多元化增长。根据其最新财 报，生命科学板块已跃升为公司主力增长引擎，其产品线正从传统的原料药纯化再到多肽药物合成，延 伸至核酸药物化学合成所需的关键材料等领域。 当生物医药的创新前沿不断向核酸药物等更上游的源头拓展时，对合成与纯化环节的精度、效率和成本 提出了前所未有的要求。 对此，21世纪经济报道专访蓝晓科技副总工程 ...

Core Viewpoint - Adsorption separation technology is becoming a key driver for upgrading high-end manufacturing and strategic emerging industries in China, with significant opportunities arising from the rapid development of advanced manufacturing and the need for domestic companies to catch up with international giants [1][2]. Industry Overview - The domestic market for adsorption separation technology is the largest and fastest-growing globally, with companies like Blue Sky Technology leveraging their technical expertise and production capacity to increase market share and expand internationally [2]. - The demand for high-precision separation technology is growing in strategic emerging fields such as life sciences and semiconductors, which are crucial for industrial advancement [1][3]. Company Strategy - Blue Sky Technology has diversified its business across six major sectors: metal resources, life sciences, water treatment and purification, energy conservation and environmental protection, food processing, and chemicals and catalysis, which helps stabilize revenue against industry fluctuations [2][3]. - The company is focusing on high-growth areas, particularly in life sciences, where the rapid development of products like GLP-1 peptide drugs is driving significant revenue growth [3][4]. Financial Health - The company maintains a low debt ratio and healthy cash flow, allowing it to support strategic investments while balancing shareholder returns, including a consistent dividend policy of approximately 30% of net profits [5][6]. - Future capital investments will focus on building a life sciences industrial park and expanding overseas production capacity, while also exploring innovative business models in specific sectors [6][7]. Future Outlook - The strategic priorities for the next 1-2 years include enhancing internationalization efforts and deepening engagement in high-growth sectors, with a focus on establishing localized teams in key markets [7][8]. - Challenges include managing cross-cultural integration as the company expands its international workforce, necessitating improvements in management systems to ensure effective collaboration [8].

Core Insights - Adsorption separation technology is becoming a key driver for upgrading high-end manufacturing and strategic emerging industries in China [1] - Domestic companies, represented by Xian Blue Sky Technology New Materials Co., Ltd., are transitioning from followers to leaders in the field of adsorption separation technology [1][2] Industry Overview - China's new materials policy has been continuously strengthened, with adsorption separation technology being essential for efficient extraction and purification in various sectors such as new energy, life sciences, semiconductors, and environmental protection [1] - The rapid development of advanced manufacturing in China presents historic opportunities for the adsorption separation industry, driven by the demand for refined and green transformation in downstream manufacturing [1] Company Positioning - Blue Sky Technology focuses on high-precision separation technology, which is a core process for the upgrade of modern manufacturing [2] - The company has a diversified business layout covering six major fields: metal resources, life sciences, water treatment and ultra-purification, energy conservation and environmental protection, food processing, and chemicals and catalysis [3] - The life sciences and water treatment sectors have shown significant growth, contributing to the overall revenue stability and margin improvement for the company [3] Product Development - In the life sciences sector, Blue Sky Technology is a major supplier of solid-phase synthesis carriers for peptides, with rapid growth driven by the market for new-generation peptide drugs like GLP-1 [4][5] - The company has a comprehensive product layout in life sciences, including soft and hard gel series, small nucleic acid solid-phase synthesis carriers, enzyme immobilization carriers, magnetic beads, and chromatography media [6] Financial Health - The company maintains a low debt ratio and healthy cash flow, which supports strategic investments and market uncertainties [7] - Approximately 30% of net profits have been allocated for cash dividends in recent years, a principle that will continue in the future [8] Strategic Focus - The company aims to prioritize internationalization and deepen its presence in high-growth sectors such as life sciences, ultra-purification, and hydrometallurgy [9] - Challenges include cross-cultural management and integration as the company expands its global footprint, with over 40 foreign employees currently [10]

Core Insights - Adsorption separation technology is becoming a key driver for upgrading high-end manufacturing and strategic emerging industries in China [1] - Domestic companies, represented by Xian Blue Sky Technology, are transitioning from followers to leaders in the field of high-precision separation technology [1][2] - The company is experiencing significant growth in the life sciences and ultra-pure water sectors, contributing to an increase in overall revenue and profit margins [2][3] Industry Overview - China's new materials policy is focused on enhancing the efficiency of material extraction and purification, which is crucial for sectors like renewable energy, life sciences, semiconductors, and environmental protection [1] - The demand for high-precision separation technology is driven by the downstream manufacturing industry's shift towards precision and sustainability [1] Company Strategy - Blue Sky Technology has a diversified business model covering six major sectors: metal resources, life sciences, water treatment, energy conservation, food processing, and chemicals [2][3] - The company maintains a low debt ratio and healthy cash flow, allowing it to support strategic investments while ensuring shareholder returns [5][6] - Future strategic priorities include international expansion and deepening focus on high-growth sectors such as life sciences and ultra-pure water [7][8] Product Development - The company is a major supplier of solid-phase synthesis carriers for peptides, with significant growth driven by the rising market for GLP-1 peptide drugs [3][4] - Blue Sky Technology is expanding its product offerings in the life sciences sector, including a comprehensive range of products such as soft and hard gel series, small nucleic acid synthesis carriers, and enzyme immobilization carriers [5] Market Outlook - The market for GLP-1 peptide drugs is expected to grow, with price adjustments in the U.S. likely leading to increased usage and market size [4] - The company is optimistic about the long-term prospects of the life sciences sector, anticipating continued demand and capacity growth from domestic pharmaceutical companies [4]

Core Viewpoint - Blue Sky Technology is leveraging specialized resin materials and adsorption separation technology to tap into the lithium extraction market, significantly contributing to the development of various industries such as new energy vehicles, semiconductors, and biomedicine [1][3][11]. Group 1: Company Growth and Development - Founded in 2001, Blue Sky Technology has grown from a small office of 50 square meters to a publicly listed company with a market value exceeding 20 billion yuan, positioning itself among the global industry leaders [1][11]. - The company has developed a cumulative production capacity of 100,000 tons for lithium extraction, capturing nearly half of the domestic market share in salt lake lithium extraction [6][11]. - Blue Sky Technology's innovative journey includes overcoming significant challenges in the early stages of lithium extraction technology development, which began in 2007 but was paused due to low market demand until the rise of the electric vehicle industry in 2015 [4][6]. Group 2: Technological Innovation - The company has successfully designed a lithium adsorbent that can selectively extract lithium ions from brine with a concentration of 10 parts per million, while ignoring impurities like calcium and magnesium [2][3]. - Blue Sky Technology's research and development efforts have led to breakthroughs in various fields, including the production of high-purity water and the extraction of gallium, enhancing the competitiveness of Chinese production in the global market [10][11]. - The company maintains a unique culture of innovation, allowing for a "tolerance for error" in research, which encourages scientists to explore new technologies without the fear of negative performance evaluations [8][9]. Group 3: Market Strategy and Positioning - Blue Sky Technology adopts a comprehensive approach by providing not only adsorbent materials but also customized equipment and operational solutions to clients, fostering long-term partnerships [9]. - The company has successfully penetrated various markets, including juice processing and biomedicine, by optimizing production processes and enhancing extraction efficiencies for its clients [9][10]. - Despite fluctuations in lithium prices and market conditions, Blue Sky Technology focuses on strengthening its core competencies and expanding into new fields such as life sciences and ultra-pure water [11][12].

Core Viewpoint - The company reported a net profit growth year-on-year in its 2025 semi-annual report, which is notable given the current challenges of compressed downstream industrial profits and escalating overseas trade frictions. The life sciences, high-purity/ultra-pure water treatment, and lithium extraction from salt lakes sectors are expected to have significant growth potential, providing optimistic reasons for the company's continued performance. Particularly in the life sciences sector, the recovery of domestic innovative drug market this year may boost the growth of various product categories [1] Financial Performance - In the 2025 semi-annual report, the company achieved total revenue of 1.247 billion yuan, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 445 million yuan, an increase of 10% year-on-year. For Q2 alone, the company reported revenue of 671 million yuan, a year-on-year increase of 1%, and a net profit of 251 million yuan, a year-on-year increase of 7% [2] Segment Analysis - The company demonstrated strong internal growth, primarily benefiting from the life sciences sector and high growth in overseas business revenue. In Q2, the company maintained net profit growth without recognizing income from major lithium extraction projects, indicating the robustness of its core business. In the first half of 2025, the life sciences, water treatment and ultra-purification, and metal resources segments generated revenues of 320 million, 359 million, and 149 million yuan, respectively, with year-on-year growth rates of 12%, 11%, and 23% [3][4] Life Sciences - The life sciences sector shows significant growth potential, particularly in various consumables. The market for adsorption separation materials in biopharmaceutical purification is substantial, with an annual market size of several hundred billion yuan globally. The company has a diverse product range in this field and, despite currently being smaller than leading domestic peers, has years of technical accumulation and a multi-product layout that may lead to better-than-expected performance, especially in rapidly growing sub-sectors [4] Water Treatment - The high-purity water segment is experiencing considerable growth, with domestic demand for ultra-pure water increasing due to rising trade frictions. The company is well-positioned to capture a larger market share in this area, having developed the capability to produce high-end uniform particle resins [6][7] Lithium Extraction - The company continues to see orders and progress in lithium extraction from salt lakes, with recent lithium price recoveries supporting the long-term viability of its adsorption-based extraction method. The domestic lithium reserves are substantial, and the operational costs of this extraction method are relatively low, suggesting good potential for industrial promotion [8] Other Segments - Beyond the highlighted sectors, the company has good growth potential in other areas. The underlying technology of adsorption separation is applicable across various fields, and as industrial standards for purification and impurity removal continue to rise, demand for this technology is expected to grow. The company has a strong foundation in this technology, having been established in 2001, and is recognized as a leader in adsorption separation materials solutions [9] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 937 million, 1.158 billion, and 1.348 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 29X, 23X, and 20X, maintaining a "buy" rating [10]

Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]